The Ministry of Finance (MoF) has forecast that Vietnam’s CPI in 2023 will be in the range of 3.9-4.8 per cent.

Many factors are expected to put pressures on prices over the rest of the year amid global uncertainties, the ministry said at a meeting of the National Pricing Committee on March 24.

Prices for energy and construction materials are expected to continue fluctuating due to impacts from the Russia-Ukraine conflict, tight monetary policy, and rising inflation in many countries.

However, the MoF said abundant supplies of consumer goods and food will help ease pressure on prices.

Deputy Prime Minister Le Minh Khai, who is head of the National Pricing Committee, asked relevant ministries and agencies to closely monitor the global economy and inflationary pressure, promptly warn of risks that may impact Vietnam, and take appropriate response measures in a bid to ensure goods supply and stabilize prices.

He instructed the State Bank of Vietnam (SBV) to adopt a flexible management policy aimed at helping control inflation and maintain the VND at a reasonable level, so as not to affect production and business activities.

The CPI in the first quarter of 2023 is estimated at 4.2-4.3 per cent year-on-year, according to the General Statistics Office.